5/3/2023 0 Comments Stacks of moneyThe primary purpose of the Stacks network is to expand the Bitcoin functionality without using the help of scalability solutions (i.e., layer-2 and side-chains), which have been the go-to solutions for competing networks. Stacks blockchain use cases #Īs a smart contract platform, Stacks help introduce profound features not previously possible on the Bitcoin network. Essentially, transactions carried out on Stacks get settled onto the Bitcoin blockchain. However, Stacks is connected to the Bitcoin network enabling the former to take advantage of the latter’s security, stability, and economic power. It maintains its transaction records, has its independent miners, and employs a unique consensus mechanism called Proof-of-Transfer (PoX). Instead, it is an independent blockchain that can exist outside Bitcoin. This is not the case, and neither is it a second layer (layer-2) scalability solution. The Stacks blockchain is often considered a side-chain to Bitcoin. The Stacks blockchain has a native cryptocurrency dubbed the Stacks Token (STX) which is instrumental in facilitating value transfer across the Stacks ecosystem. As part of the rebrand, Blockstacks PBC also changed its name to Hiro Systems PBC to develop supporting infrastructure for the Stacks and Bitcoin networks. In October 2020, the Blockstacks project rebranded to the Stacks ecosystem and launched the second iteration of its blockchain (Version 2.0) on January 14th, 2021. ![]() ![]() Stacks was initially launched in 2019 under the name Blockstacks by the company Blockstack PBC and was co-founded by Muneeb Ali and Ryan Shea. Stacks is a smart contract-enabled blockchain attached to the Bitcoin network enabling the introduction of decentralized apps (dApps) and non-fungible tokens (NFTs) to the premier decentralized network.
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